Klarna is a leading e-payment platform in Europe. The company provides payment services for online storefronts and handles large amounts of data every minute. This data enables them to roll out new products and fine-tune existing products to ensure seamless buying experiences for its customers.
Today it was reported that this Swedish payments startup, valued at over $2.25 billion, has obtained a full banking license to move beyond payments.
The company initially turned to Hortonworks to manage its credit risk decisions through deep data mining, statistical analysis, and AI or machine learning. Hortonworks Data Platform (HDP) and Hortonworks DataFlow (HDF) provides the scalability Klarna needs to create the most efficient and effective risk models.
According to Max Fischer, VP of Data and Finance in Klarna’s IT Operations, “Data is what we live for, so data is extremely critical for Klarna, that we can take the best decisions for our consumers, so that they get the credit and that they can continue with their purchase.”
Just as critical to Klarna is having the professional services to help roll out their Big Data use cases. Hortonworks provides those services, as well as the largest input into the Apache Hadoop market. This gives Klarna a seat at the table, so they can have input into the direction of current and future projects.
As Max explains, “The advantage of working with a partner as Hortonworks I see as twofold, so one is that we have someone we trust, and that can help us if we run into serious problems. This is critical service for us and we are a financial institution, so this needs to be for real, this is not a playground for us. The second big advantage is that we are not the best in the world on the Apache ecosystem or the future, so having a partner as Hortonworks, we can help to be guided on where we’re going and also co-innovate in new technologies.”
Check out our full interview with Max:
To learn more about Klarna, visit: https://www.klarna.com/us
To learn more about how innovative companies in the financial services industry leverage Hortonworks to mitigate risk and maximize opportunity, visit https://hortonworks.com/solutions/financial-services/